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How to start Business in Dubai, UAE?

When Someone thinks to start Business, then he thinks to start a business in Dubai. Dubai is the most well-known tourist destination in the world. So, No wonder Dubai attracts the eye of business investors. It started its economic stability in the International market.  It has future growth in the global market. Starting a business in UAE shouldn’t take time more than 2 weeks. If you sort all legal procedures. 

UAE has 7 Emirates and each of such Emirates has its own procedures to start a business. For example, the business set up in Dubai and business set up in Abu Dhabi would be slightly different.

Before starting your business’s legal formalities, you are better off if you will consider some elements required in this process:

1.Business Type:  

Your Business Category determines the kind of license you require to set up business in the UAE. For example Industrial licenses, Professional or Commercial Licenses. It determines your business operation.  Some activities also require further approvals from Government Departments, Such as food trading, jewelry trade, veterinary activities.

The Department of Economic Development (DED) in Dubai has a list of over 2100 activities. From this list you can check your activities, is it require further Government Approvals or not.  

If you are unable to find your search, you can directly contact to DED. Each Free Zones has its own approval formalities.  You can take help of our firm mszconsultancy to set up your dream business.

2. Ownership:

As a foreign citizen, if you want 100 percent ownership of a company, you need to opt for your license and location in free zones of UAE.  The UAE government has set up multiple free  zones in Emirates. Each zone is designed for specific business activities.  

UAE free trade zone provides attractive facilities to non-resident corporates.  There are about 44 free zones in the United Arab Emirates.  These free zones have attracted foreign direct investment in the form of 20, 000 companies.  They support these zones and investment because they help to increase GDP growth.

The free trade zones vary in setup costs & paperwork, but the basic requirements are the same.  A local legal advisor can help you with this whole advisor. They have contacted so you can easily set up your business. Legal Structure:  Depending on your business type and location UAE has some rules and regulation. Such as you plan for a legal consultancy firm, this can be done only as a stand-alone company.  

This limited liabilities firm owned by an individual, so their liability is limited to shares held by a business owner. Some rules and restriction you need to know for legal structure. Which you can get by visiting the official website of the zone.

For a business startup in UAE, Free Zones offer three following great advantages:

•    100% ownership

•    Speedy startup

•    Duty-Free customs boundary.

3. Trade Name:  

Trade name indicates the nature of your business. So it is a very important part of legal structure. The trade name should be according to rules. You can use the term” group” or “holding” in trade name such as” BNB Group”.

4. Share Capital :

Minimum share capital depends on the Memorandum of Association of your proposed company. In most cases, you don’t need to pay minimum share capital, when you are the initial stage of setup or at the time of setting up.

5. Staff :

In most legal form of DED, you need to hire a manager or other staff to see all operation and other paperwork till registration is not approved. But, in other business activity such as home-based Emirati business owner are not allowed to hire staff. They can engage with contractors. For any free zone business setup in UAE, you should remember all rules and regulations regarding the business structure or business activity.

6. Visa:  

A business startup in UAE, first you should confirm your visa eligibility and requirement. Visas are allowed for almost all business activity. However, the visa number varies according to a variety of criteria such as the size of the office, nature of business. If you want to open local company as Business Startup in Dubai then you should work with your local sponsor for getting the visa at least first time.

Local sponsor is a UAE citizen, who has 51% shares or partnership. Local sponsor is helping to start a local company. It provides freedom to locate the business anywhere in the city. According to location, you can find the best-suited location for business.

Business visa application is not as though that people think. Since bureaucracy is quite open to foreign investors planning to set up a business or local company. Their motto is any business is good business. They have interested in it as all business company helps to grow their economy.    

However, you may be allowed to apply for the visas of your employees. If your local business sponsor agrees to give you the authority.

7. Residence:

once your legal form and procedures ready to approve, it would be good to shortlist some firms or offices on behalf of cost and other required details. This will give you a clear path after your all formalities will complete. In this way, you will get assistance to find a residence with all require things such as electricity, internet, water, and other amenities.

8. Opening BankAccount :

Opening bank account for the onshore company as well as an offshore company in Dubai as well as foreign companies can cost you quite a lot of time & energy. If you do not know the specifics of the banks in the United Arab Emirates.

9. Local Support Firm:

For license approval you should contact legal local support firm. It is mandatory for all business activity. They have ideas of all this and they have so many contacts. So, you can start a dream business in a few days.

Summary: To start your business or set up your company in UAE, you need to figure out all the required details you will need. Before starting company formation in the UAE, you will define your company activity, and all legal structure and other legal formalities. Company formation in Dubai is always eye-catching for business investor and it is not harder than in any other country. A business consultant or local support consultancy firm can help you to approve your legal formalities and save time and energy.